This could be a gamechanger because if it's above 90 percent, then it might not be necessary to trigger the collective action clauses (CAC). The worry has been that triggering the CACs would characterize a credit event and then ultimately trigger the credit default swaps (CDS) tied to the debt. And who knows what triggering the CDS might do. Some experts think it would be non-event. Other think it could send us back to the Middle Ages.

We can't ignore some news coming out of China, the world's second largest economy. Officials say that China plans to offer renminbi denominated loans to the Brazil, Russia, India, and South Africa. This would be a big step towards making the RNB more attractive as a reserve currency.

One of the big losers in today's trade was McDonald's, which reported a 7.5 percent increase in global comparable store sales. However, this fell short of the 7.7 percent gain expected by analysts. "As previously communicated, while McDonald's continues to deliver global top-line sales results, the current operating environment includes persistent economic uncertainty, austerity measures in Europe and commodity and labor cost pressures, particularly in the U.S.," wrote the company in a statement.